Jin Rong Jie·2025-12-24 17:33Group 1 - The semiconductor industry is experiencing a resurgence, particularly in the upstream equipment sector, with notable increases in stock prices of key companies [1] - Morgan Stanley's recent report highlights the sustained "long-term bull market logic" for semiconductor stocks, driven by unprecedented AI infrastructure demand and a recovery in traditional chip demand [1] - The consensus in the industry emphasizes that despite the competitive landscape in AI chip design, the focus will ultimately return to manufacturing capabilities, which are reliant on advanced semiconductor equipment [1] Group 2 - CITIC Securities indicates that since September 2025, the stock prices of leading semiconductor equipment companies have surged due to investments from downstream clients and price increases from storage manufacturers [2] - The global semiconductor wafer fabrication equipment (WFE) market is expected to maintain high single-digit percentage growth year-on-year in 2025 and 2026, with an anticipated increase in the share of storage [2] - The semiconductor equipment ETF (561980) has a high concentration of leading companies in the sector, with over 90% of its index comprising semiconductor equipment, materials, and design segments, indicating strong industry representation and resilience [2]